注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 消息面上，2025年7月8日国家医保局联合卫健委发布《支持创新药高质量发展的若干措施》，提出16条 全链条支持政策，包括探索医保数据用于研发、推动创新药进入医保及商保目录，首版商业健康保险创 新药品目录同步进入征求意见阶段。同期，本土药企国际化取得突破，迪哲医药自主研发的舒沃替尼获 FDA批准上市，成为首个在美获批治疗EGFRexon20insNSCLC的国产创新药；康方生物双抗ADC药物 AK146D1完成首例受试者入组。此外，2025年7月4日国务院常务会议审议通过《全链条支持创新药发 展实施方案》，明确统筹价格管理、医保支付等政策优化创新药发展环境。 中信建投指出，生物制品行业本周跑赢医药指数及大盘，部分企业受益于制药上游产业链复苏，估值呈 现修复趋势。未来市场主要关 ...

责任编辑 每日晨报 2025 年 7 月 4 日 银河观点集萃 美国 6 月非农新增就业 14.7 万人 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 宏观: 参议院版"大美丽法案"将赤字推上 7%——美国财政法案跟踪。 ● (1) 关税对于经济的负面冲击尚待显现,且即使 IEEPA 关税受阻,特朗普政府也 可能快速转向其他关税手段;在失业率可能温和上行、美联储仍有望在 9月开 启降息的情况下,美债收益率有进一步走低的空间。 (2)从财政角度来看, 5、6 月美国非短债的到期量并不大,且短债需求较好;季度融资会议目前给 出二、三季度的中长期国债净发行量平稳,且考虑关税后赤字扩张幅度短期仍 可控。 (3) 从更长期的角度来看, 4.5%-5.0%的长端美债收益率可能高过美 国的名义增长速度,且持续加大付息压力,因此最终不可持续,从这一角度考 虑长端利率也需要一定的降低。 通信:海洋经济政策东风劲吹,通信全方位赋能。2025年以来海洋经济催化 ● 不断,政策东风劲吹。2025年政府工作报告指出大力发展海洋经济,建设全 国海洋经济发展示范区,海洋经济 ...

Core Viewpoint - 康希诺 is actively advancing its vaccine development pipeline, focusing on innovative products and expanding its market presence both domestically and internationally [1][2][3] Group 1: Vaccine Development and Commercialization - 康希诺's 13-valent pneumonia conjugate vaccine PCV13i has significant advantages in product characteristics and production processes, showing excellent clinical results and safety profiles [3][4] - The company is targeting the commercialization of PCV13i, which overlaps with its existing product MCV4, enhancing marketing efficiency [4] - The four-valent meningococcal conjugate vaccine MCV4 has received acceptance for age expansion applications for 4-6 years and plans to submit for 18-59 years within the year [5] Group 2: Research and Development Progress - 康希诺 has established five major R&D platforms, with multiple products at various stages of development, including Tdcp for adolescents and adults, which has completed Phase III clinical trials [2][7] - The company is exploring therapeutic vaccine development and has a positive attitude towards expanding into innovative fields [8] - The infant DTcP vaccine's application for market approval has been accepted and is undergoing priority review, with plans for clinical trials for a combination vaccine [6][9] Group 3: Financial Position and Future Plans - As of March 2025, 康希诺 has approximately 34 billion RMB in funds, sufficient for current development needs, with no large-scale investment plans outside of its vaccine industrial park project [2][10] - Future financing plans will be considered based on market conditions and company development stages, with timely announcements to be made if necessary [10]

每日港股評析 港股早晨快訊 2025 年 6 月 23 日星期一 2012-01- 17 市場回顧 中港股市短期展望 恒指下試 6 月低位 22,668 點：內地 5 月推出一籃子金融政策支持穩市場 穩預期，包括降準、降息、加推結構性貨幣政策工具等，市場預期為新一 輪政策周期開端，其他跟進政策將會適時加推；加上，中美在 5 月中旬於 瑞士日內瓦經貿會談後發布聯合聲明，雙方降低加徵關稅，互相保留加徵 10%關稅，美國對中國進口貨品關稅將由 145%降至 30%，中國對美國進 口貨品將由 125%降至 10%，為期 90 日。中美 6 月倫敦談判達框架協 議，後續關注 90 日對等關稅暫停期過後能否取長期協議。目前恒指估值 重返合理水平，惟以伊戰爭升級，避險情緒升溫，恒指或下試 6 月低位 22,668 點。 短期看好板塊 今日市場焦點 ➢ 美國 6 月標普全球製造業 PMI； 宏觀焦點 ➢ 美炸伊朗核設施 德黑蘭誓封海峽； 據報歐盟將限制中國競標醫療器材市場； 以舊換新"國補"將持續 中央資金將分批下達； 企業消息 ➢ 泡泡瑪特(9992)成立電影工作室 推動畫劇集《Labubu與朋友們》； 中國神華(1088 ...

Core Viewpoint - The Chinese vaccine industry is transitioning from scale expansion to value creation, driven by national immunization strategies and WHO vaccine prioritization policies, with local companies leveraging technological innovation to enhance multi-valent vaccines and lifecycle protection strategies [1] Group 1: Product Development and Innovation - CanSino Biologics' 13-valent pneumonia vaccine PCV13i has been approved for market launch, representing a significant step in the globalization of domestic vaccines [2] - The core value of PCV13i is based on three pillars: technological breakthroughs, clinical validation, and application optimization [2] - The vaccine employs a unique dual carrier technology using a non-toxic mutant of diphtheria toxin (CRM197) and tetanus toxin (TT), enhancing immunogenicity and reducing interference with other vaccines [3] Group 2: Clinical Data and Efficacy - Clinical data shows that PCV13i significantly outperforms control groups in inducing high levels of specific antibodies against key serotypes that are prevalent in China, confirming its regional adaptability [4] - The safety profile of PCV13i is comparable to that of control vaccines, with adverse reactions primarily being mild, facilitating its commercial application [4] Group 3: Market Demand and Commercialization - The urgency for pneumonia vaccines is underscored by the high mortality rates associated with pneumonia in children under five, particularly in China, where vaccination rates are below 18% [6][8] - The global market for pneumonia vaccines is robust, with the 13-valent pneumonia vaccine consistently ranking among the top-selling vaccines, indicating significant market potential [9] Group 4: Strategic Market Positioning - PCV13i is positioned to leverage existing distribution networks and cold chain logistics established by CanSino's previous vaccine, enhancing market penetration efficiency [10] - The vaccine's production process meets EU GMP standards and is suitable for halal certification, providing a competitive edge in Southeast Asian markets [10] Group 5: Long-term Value Creation - CanSino's vaccine matrix, including products for polio and DTP, is establishing a comprehensive defense against bacterial diseases in children, aligning with international quality standards [11] - The launch of PCV13i is expected to catalyze short-term performance while the ongoing innovation in the product matrix builds long-term value, suggesting potential for re-evaluation in market valuation [12]

Core Viewpoint - SK bioscience has achieved a significant legal victory in a patent infringement lawsuit against Pfizer, allowing the company to expand its operations in the pneumococcal vaccine market [1][2][7] Group 1: Legal Developments - The Supreme Court of Korea ruled in favor of SK bioscience, stating that the individual conjugates of its 13-valent pneumococcal conjugate vaccine (PCV13) do not infringe on Pfizer's patent claims [2] - The court confirmed that the production and supply of PCV13 finished products for research purposes do not constitute patent infringement [2] - SK bioscience has also successfully invalidated a patent held by Moderna related to mRNA vaccine technology, which is seen as a major step in reducing patent-related risks for domestic companies [7] Group 2: Business Expansion Plans - Following the court ruling, SK bioscience plans to export individual components of PCV13 to countries with high vaccine demand, particularly in Southeast Asia and Latin America [4] - The company aims to expand its presence in the global pneumococcal vaccine market, with plans to manufacture and sell its vaccine SKYPneumo domestically starting in 2027 [5] - SK bioscience is developing a 21-valent pneumococcal conjugate vaccine in collaboration with Sanofi, which is currently in Phase 3 global clinical trials [5] Group 3: Market Outlook - The global pneumococcal vaccine market is projected to grow at a compound annual growth rate of approximately 5.6%, reaching USD 15.1 billion (approximately KRW 21.55 trillion) by 2034 [6] - This growth is driven by expanded vaccination programs and support from governments and international organizations [6] - SK bioscience's strong track record in public vaccine supply positions it well for future expansion in this growing market [6]

2024年及2025年一季度，疫苗行业均呈现比较严重的下滑趋势。从财务数据看，行业总营收从2020年的 1060亿元增至2023年的1637亿元，年均复合增长率达11.5%，2021年同比增速更达34.5%。然而2024 年，行业总营收骤降至1283亿元，同比下滑21.6%，为近五年首次负增长，显示行业进入调整期。 从利润表现看，行业净利润在2021年达到309亿元峰值后持续下滑，2024年降至120亿元，较峰值缩水 61%，同时盈利质量出现恶化迹象，净利润率从2021年的21.7%降至2024年的9.4%，成本压力显著抬 升。主要原因在于疫苗渠道库存压力较大，导致企业发货受到不利影响以及2价HPV疫苗、PCV13、 Vero细胞狂苗等竞争格局趋于激烈。 个股方面，头部企业业绩分化现象显著。其中，天坛生物、西藏药业逆势突围，天坛生物2024年营收60 亿元，同比增长17.6%；净利润15亿元，同比增长36.4%，毛利率提升至54%。西藏药业2024年净利润10 亿元，同比增长25%，毛利率连续三年超94%。 而智飞生物、万泰生物受HPV疫苗市场竞争加剧及集采影响业绩均出现大幅下滑。智飞生物2023年营收 52 ...

2024年，可以说是康希诺的触底反弹之年，公司营收同比增长137.01%至8.46亿元，归母净亏损收窄至 3.79亿元。 2023年受到新冠疫苗预估退货影响，当期冲减营收2.53亿元，剔除该影响，康希诺实现营收6.10亿元， 如此对比，2024年，康希诺的营收增速为38.68%，这一增速在同行衬托之下，格外出挑。 横向对比其他疫苗企业2024年的表现：HPV疫苗主战场中，万泰生物、智飞生物、沃森生物营收分别同 比下降59.25%、50.74%、31.41%；流感疫苗竞技圈内，华兰疫苗、金迪克营收分别同比下降53.21%、 39.96%；获批疫苗种类比较丰富的康泰生物，营收同比下降23.75%；拥有水痘疫苗、带状疱疹疫苗等 产品的百克生物，营收同比下降32.64%。 逆势增长，但天花板可能不高。 4月29日，康希诺（06185.HK/688185.SH）发布了2025年第一季度报告，数据显示，公司当季营收10.74 亿元，同比增长20.02%；期内，归母净亏损1154.54万元，上年同期为亏损1.70亿元，扣非后归母净亏 损为5523.47万元，上年同期为亏损1.79亿元。 康希诺本季度大幅减亏，有三大原因：一 ...